WASHINGTON — Paramount+ is planning to raise its subscription prices later this summer, becoming the latest streaming platform to announce price hikes this year.
Starting on Aug. 20, the streaming service will increase its ad-supported Essential plan from $5.99 to $7.99 per month for new subscribers. The bundled ad-free plan with Showtime will jump up by $1, bringing from $11.99 to $12.99 per month.
The Limited Commercial Plan on Paramount+ is also set to see a $1 increase, bringing its monthly price to $7.99 for current subscribers.
The company said on Wednesday that existing plans with Showtime will not see the price hike until "around Sept. 20." Existing Paramount+ Essential subscribers will continue to have their $5.99 pricing, according to the service.
While Paramount announced several increases, some tiers remained the same.
The annual pricing for both the Essential, which costs $59.99 a year, and Paramount+ with Showtime, which costs $119.99, will remain the same.
Earlier this month, competing streaming services Peacock and MAX announced price increases as well.
Peacock's price hikes will go into effect on July 18 for new subscribers, right before the Paris Olympics.
Ahead of the much-anticipated Season 2 of "House of the Dragon," Warner Bros. Discovery announced an increase, effective immediately, for its ad-free MAX plan. The new pricing went into effect on June 4 and raised the plan from $15.99 to $16.99 per month.
The "ultimate" ad-free plan from MAX also increased by a dollar, bringing it to $20.99 per month.
MAX's ad-supported tiers remained the same at $9.99 per month.
Even with the newly announced price increases, Paramount+ remains as one of the more affordable streaming platforms when compared to Netflix, Disney+ and others.
The streaming service is home to "an expansive slate of live sports, breaking news and premium originals."
